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1. Parties: Details of the applicant, beneficiary, and issuing bank
2. Background: Context of the trade transaction and purpose of the Letter of Credit
3. Definitions: Key terms including blockchain-specific terminology, smart contract elements, and traditional LC terms
4. Credit Amount and Currency: Specified amount and currency of the Letter of Credit
5. Technical Implementation: Blockchain platform specifications, smart contract deployment details, and operational mechanisms
6. Documents Required: List of required digital documents and their verification process
7. Payment Terms: Conditions for payment execution via smart contracts
8. Expiry and Place: Validity period and applicable jurisdiction
1. Multi-Bank Arrangements: Terms for involving additional banks (advising/confirming) when multiple banks are involved in the transaction
2. Force Majeure for Technical Issues: Provisions for blockchain network failures or technical disruptions when additional technical risk protection is required
3. Cryptocurrency Settlement: Terms for settlement using cryptocurrencies when crypto payments are permitted
4. Oracle Integration: Terms for external data feeds and verification when external data sources are needed for contract execution
1. Technical Specification Schedule: Detailed technical requirements and blockchain platform specifications
2. Smart Contract Code: The actual smart contract code or reference to it
3. Digital Document Standards: Specifications for acceptable digital document formats
4. API Documentation: Technical integration details for all parties
5. Security Protocol: Cybersecurity requirements and procedures
Applicant
Beneficiary
Blockchain Network
Blockchain Platform
Business Day
Confirmation
Consensus Mechanism
Credit Amount
Digital Documents
Digital Signature
Distributed Ledger
Document Hash
Effective Date
Electronic Trade Documents
Expiry Date
Force Majeure Event
Governing Law
Hash Function
Issuing Bank
Letter of Credit
Network Node
Network Participants
Nominated Bank
Oracle
Payment Trigger
Private Key
Public Key
Reference Number
Smart Contract
Smart Contract Address
Smart Contract Code
Technical Documentation
Transaction Hash
UCP 600
Underlying Trade Transaction
Valid Digital Signature
Verification Process
Amendment Procedures
Assignment and Transfer
Authentication Mechanisms
Blockchain Network Specifications
Confidentiality
Consensus Requirements
Data Protection
Digital Document Standards
Dispute Resolution
Document Presentation
Electronic Communications
Expiry and Validity
Fees and Charges
Force Majeure
Governing Law and Jurisdiction
Indemnification
Network Access
Node Operation
Payment Execution
Payment Terms
Platform Security
Private Key Management
Reimbursement
Representations and Warranties
Risk Allocation
Smart Contract Execution
Smart Contract Modification
System Maintenance
Technical Requirements
Termination
Transaction Verification
Waiver
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